§ 15.1-07-03 — District's limit of indebtedness - Resolution

1. The board of a school district may by resolution place on the ballot of any primary or
general election the question of increasing the district's limit of indebtedness, beyond
that fixed by the constitution, by five percent of the assessed valuation of all taxable
property in the district.
2. The board of a school district shall place on the ballot of the next primary or general
election the question of increasing the district's limit of indebtedness, beyond that fixed
by the constitution, by five percent of the assessed valuation of all taxable property in
the district, if the board receives a petition requesting the increase and signed by
qualified electors of the district equal in number to at least one-third of those who
voted at the most recent annual school district election.